Dogecoin Price Declines Below $0.400, Faces Resistance at $0.4050
Dogecoin (DOGE) initiated a decline below the $0.400 support against the US Dollar and is now consolidating, potentially aiming for a rise above $0.4050.
- DOGE price began a decline below the $0.40 level.
- The price trades below $0.4050 and the 100-hourly simple moving average.
- A bullish trend line is forming with support at $0.3950 on the hourly chart of the DOGE/USD pair (data from Kraken).
- A rally may occur if DOGE surpasses resistance levels at $0.4050 and $0.4150.
Dogecoin Price Trends
Dogecoin's price declined from above $0.410, contrasting with trends in Bitcoin and Ethereum. It fell below the $0.4020 and $0.400 support levels, reaching a low of $0.3963 before consolidating losses. The price has since recovered slightly, climbing above $0.40 and surpassing the 23.6% Fibonacci retracement level of the drop from $0.4136 to $0.3963.
Currently, DOGE trades below the $0.4050 level and the 100-hourly moving average. The immediate resistance is near $0.4025, with significant resistance at $0.4050 and further at $0.4095, corresponding to the 76.4% Fibonacci retracement level.
A close above $0.4095 could lead to a price increase towards $0.4150, with potential gains targeting $0.4350 and ultimately $0.4500.
Potential Further Declines for DOGE
If DOGE fails to exceed the $0.4050 threshold, it may face another decline. Initial downside support is around $0.3980, with major support near $0.3950. The primary support level is at $0.3750; a breach of this level could result in a further decline towards $0.350 or even $0.3420.
Technical Indicators
Hourly MACD: The MACD for DOGE/USD indicates diminishing bearish momentum.
Hourly RSI: The RSI for DOGE/USD is currently below the 50 mark.
Major Support Levels: $0.3980 and $0.3750.
Major Resistance Levels: $0.4050 and $0.4095.